CHARLESTON, S.C. (WCBD)- Gasoline prices in South Carolina have fallen in part due to concern over recent bank failures, but experts say the trend is likely temporary.

The state gas price fell 6.6 cents and South Carolinians can now expect to pay $3.08 per gallon at the pump on average, based on a survey from GasBuddy of 3,028 gas stations across the state.

Gas prices in South Carolina are 6.3 cents per gallon higher than a month ago and stand 85.8 cents per gallon lower than a year ago.

The survey found that the cheapest gas in the state is priced at $2.77 per gallon while the most expensive is $3.69 per gallon, a difference of 92.0 cents per gallon.

The national average dropped 4.2 cents, averaging $3.40 per gallon today. The national average is 4.3 cents per gallon higher than a month ago and 82.9 cents per gallon lower than a year ago.


“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, tt may be temporary in nature, and is unlikely to be a long-lasting trend,” Patrick De Haan, head of petroleum analysis at GasBuddy said. “Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”

The national average diesel price fell 5.6 cents in the last week and now stands at $4.25 per gallon.